Story of the Day:
In the second week of February 2022 trading on the Lusaka Stock Exchange fourteen company securities recorded trades of which Airtel and Zambia Sugar Plc were the highest priced securities. In comparison to week two of February 2021 which recorded twelve companies with Zambia Consolidated Copper Mines as the highest priced security. Read more
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President of the Republic of Zambia, Hakainde Hichilema, has confirmed his attendance at the Investing in African Mining Indaba, taking place in Cape Town from 9-12 May 2022. Read more: African Review
Zambia’s exports to countries in the European Union (EU) increased to K7.8 billion in 2021 from K3.4 billion in 2020. According to trade data obtained from the Ministry of Commerce, Trade and Industry, some of the goods exported to the EU include refined copper cathodes, waste and tobacco, fresh cut roses, plates of refined copper, vegetables and precious stones. Read more: Zambia Daily Mail
The International Monetary Fund has revealed that it shall not disclose details of the Staff Level Agreement it entered into with the Zambian government until it is tabled before the Executive Board. IMF Mission Chief to Zambia Allison Holland who is based at the IMF Headquarters in Washington D.C said it is not the policy of the Fund to reveal details of the Agreement ahead of a Board discussion. Read more: Lusaka Times
Vice President W. K Mutale Nalumango says Western Province requires urgent and rapid transformation in order to turnaround the economic fortunes to support the developmental agenda envisaged by the new dawn administration. Mrs Nalumango said while all parts of Zambia require development, Western Province has not had transformative programs and investments at the scale that can make impact among the people. Read more: Lusaka Times
International Business and Finance
Oil prices have surged despite new measures aimed at calming markets worried by the invasion of Ukraine. Brent crude – the international benchmark for oil prices – has hit $110 a barrel, marking the highest level seen in more than seven years. It rose even after the International Energy Agency’s members agreed to release 60 million barrels of oil from emergency stockpiles. Russia is one of the biggest energy producers in the world. Read more: BBC News
Nigeria’s ranking on the corruption perception index has continued to drop in the last five years, with the latest report placing the nation as the second most corrupt country in West Africa after it was ranked (#159) out of 180 countries surveyed globally. Read more: Business Insider
March is looking a lot like January and February on Wall Street. That’s not good news for investors. The Dow fell nearly 600 points Tuesday, or 1.8%, one day after stocks capped off their second straight month of declines to start the year. The Dow managed to finish off its lows of the day though. The Nasdaq and S&P 500 were also hit hard, with each index falling about 1.6%. Read more: CNN
Some of America’s best-known companies including Apple, Google, Ford, Harley-Davidson and Exxon Mobil rebuked and rejected Russia for its invasion of Ukraine, under steady pressure from investors and consumers decrying the violence. Apple Inc late on Tuesday said it had stopped sales of iPhones and other products in Russia, adding that it was making changes to its Maps app to protect civilians in Ukraine. Read more: Reuters
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In 79 trades recorded yesterday, 1,334,289 shares were transacted resulting in a turnover of K4,580,891. A share price gain of K0.01 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in CEC, Chilanga Cement, Standard Chartered Zambia and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,473.63 points. The market closed on a capitalization of K68,989,106,498 including Shoprite Holdings and K34,206,421,058 excluding Shoprite Holdings.